Posted October 19th, 2010
As I walk into the NYC ACRE, I can feel the buzz of energy. On my left Rentricity in a small office that has access to diversity inside and out. They have just come back from a tour of the New York City’s waste water plants to see if Rentricity’s water-pressure energy recovery systems can be adapted to these sites and installed to generate energy from the water flow and pressure.
With US unemployment rates at 9.6 percent a 26-year high, New York City is making it easier to incubate the entrepreneurial spirit with the opening of the Varick Street Incubator.
Anyone with a plan for a small business can apply for a space in the incubator. The perks include low rent, access to conference rooms, a receptionist, a mailing address, access to interns from universities and a buzz of engaged minds all in one open space fostering collaboration and the sharing of ideas.
To build out the right environment the city is spending $15 million over five years. The city hopes to attract private capital in the form of Angel investment from interested individuals seeking to hold early equity in fledgling new business. On top of this it will draw on $30 million in unused 9/11 federal funds.